Coinbase Global (NASDAQ:COIN) Trading 7% Higher - Here's What Happened

Key Points

• Coinbase Global's stock rose by 7% during mid-day trading, reaching a high of $351.89 before closing at $343.13, with trading volume significantly higher than average.
• Analysts have set bullish price targets for Coinbase, with Benchmark raising their target to $421.00 and Oppenheimer setting theirs at $417.00, indicating positive sentiment towards the stock.
• Despite a recent earnings miss with reported EPS of $0.12 versus an estimated $0.91, Coinbase's revenue grew by 3.3% year-over-year, signaling potential resilience in its business model.

Coinbase Global, Inc. (NASDAQ:COIN)'s stock price rose 7% during trading on Thursday . The company traded as high as $351.89 and last traded at $343.13. Approximately 17,222,823 shares were traded during mid-day trading, an increase of 54% from the average daily volume of 11,210,458 shares. The stock had previously closed at $320.56.

Analyst Ratings Changes

COIN has been the subject of a number of recent analyst reports. Monness Crespi & Hardt downgraded shares of Coinbase Global from a "buy" rating to a "neutral" rating in a research report on Monday, July 28th. China Renaissance assumed coverage on shares of Coinbase Global in a research report on Tuesday, June 17th. They set a "buy" rating and a $353.30 price target for the company. Needham & Company LLC lifted their price objective on Coinbase Global from $270.00 to $400.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. HC Wainwright restated a "sell" rating and set a $300.00 price objective on shares of Coinbase Global in a research report on Friday, August 1st. Finally, William Blair assumed coverage on Coinbase Global in a research report on Wednesday, June 11th. They set an "outperform" rating for the company. Thirteen research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $356.18.

Coinbase Global Price Performance

The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. The firm has a market cap of $87.99 billion, a price-to-earnings ratio of 33.12 and a beta of 3.68. The company's fifty day moving average is $336.66 and its two-hundred day moving average is $271.08.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.79). Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The business had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the previous year, the firm posted $0.14 EPS. The business's revenue was up 3.3% compared to the same quarter last year. Equities research analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insider Buying and Selling

In other Coinbase Global news, CEO Brian Armstrong sold 336,265 shares of the business's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total value of $121,933,051.65. Following the transaction, the chief executive officer owned 526 shares in the company, valued at $190,732.86. The trade was a 99.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last quarter, insiders have sold 1,202,515 shares of company stock valued at $448,306,941. Insiders own 17.65% of the company's stock.

Institutional Investors Weigh In On Coinbase Global

Institutional investors have recently modified their holdings of the stock. Envestnet Asset Management Inc. raised its stake in shares of Coinbase Global by 24.0% in the 1st quarter. Envestnet Asset Management Inc. now owns 51,447 shares of the cryptocurrency exchange's stock valued at $8,861,000 after purchasing an additional 9,952 shares in the last quarter. Amalgamated Bank grew its position in shares of Coinbase Global by 4.8% during the 1st quarter. Amalgamated Bank now owns 13,747 shares of the cryptocurrency exchange's stock valued at $2,368,000 after buying an additional 629 shares during the last quarter. Kera Capital Partners Inc. grew its position in shares of Coinbase Global by 3.0% during the 2nd quarter. Kera Capital Partners Inc. now owns 36,960 shares of the cryptocurrency exchange's stock valued at $12,954,000 after buying an additional 1,085 shares during the last quarter. Parallel Advisors LLC grew its position in shares of Coinbase Global by 102.6% during the 2nd quarter. Parallel Advisors LLC now owns 10,665 shares of the cryptocurrency exchange's stock valued at $3,738,000 after buying an additional 5,402 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in shares of Coinbase Global by 8.1% during the 1st quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange's stock valued at $193,000 after buying an additional 84 shares during the last quarter. Institutional investors and hedge funds own 68.84% of the company's stock.

About Coinbase Global

Coinbase Global, Inc provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company offers the primary financial account in the crypto economy for consumers; and a marketplace with a pool of liquidity for transacting in crypto assets for institutions.